An Economic Analysis of Entrepreneurship in the Piedmont Triad of North Carolina

Abstract
Rural America can be characterized as having lower economic growth, larger poverty levels, and a higher concentration of the socially disadvantaged. One primary way of revitalizing and sustaining rural America is through the development of entrepreneurship opportunities. Thus, this study focuses on increasing the number and sustainability of entrepreneurs targeting the rural areas of North Carolina. This study employed a combination of analytical approaches to examine past and ongoing factors that contribute to rural entrepreneurs’ success in the Piedmont Triad Prosperity Zone. Data derived from a survey of current entrepreneurs in the Piedmont Triad Prosperity Zone was analyzed using various qualitative and quantitative statistical methods. Analysis of variance was used to determine if there is statistical significant difference in growth of the different size of firms in different economic sectors. Trade area analysis was employed to determine the magnitude of consumer migration to various counties. The data indicated a larger migration of consumers from rural counties to the urban counties, taking advantage of agglomeration. Factor analysis and linear regression revealed that the sustainability (survival) of entrepreneurship was dependent on demographic and socio-economic factors such as business structure, location, gender, obstacles and, marital status.